Journal of Economics, Finance and Accounting Studies
type: channel
description: Founded in 2019, the Journal of Economics, Finance and Accounting Studies (JEFAS) is a double-blind peer-reviewed, open-access monthly journal published by Al-Kindi Center for Research and Development. The journal is led by expert international editorial board members who take an objective approach to peer review, ensuring each research paper is reviewed and evaluated on its own scholarly merits and research integrity. Publishing your work in the Journal of Economics, Finance and Accounting Studies means you will receive prompt and reliable publishing and a global platform for your research to reach its full potential. The journal is published in online version only.
publisher: Al-Kindi Center for Research and Development
language: en
publication name: Journal of Economics, Finance and Accounting Studies
issn: 2709-0809
items: Navigating the Global-Local Divide in Internal Audit Architecture: G20 and GCC Contextual Dynamics in Structure, Standards, and Roles
items: Risk-Calibrated Generative AI Governance for Responsible AI Adoption in U.S. Organizations: Evidence from Marketing and Corporate Disclosures
items: Accreditation, Assurance of Learning, and Accounting Education Outcomes: Evidence from the Accounting Program at Qassim University’s College of Business and Economics
items: Reorganizing Economic Global Value Chains in an Era of Polycrisis: Global Drivers, Strategic Responses, and Opportunities for South-East European Countries
items: Private Clinic Integration through Hybrid Models within Government Hospitals: A Systematic Review of Funding Efficiency and Quality-of-Care Outcomes with Policy Implications for Oman
items: Predicting Profitability Deterioration in U.S. Commercial Banks Using Explainable Machine Learning
items: Digitalisation and Its Impact on Corporate ESG Performance in Middle East Countries
items: Dissecting Corporate Defense: A Critique of the Three Lines of Defense (3LOD) and the expanded Five Lines of Defense (5LOD) / Five Lines of Assurance (5LOA) Models
items: Private Equity Specialization’s Effects on Pricing and Structure in Technology Unicorn Acquisitions from 2010–2024
items: The Impact of Financial Literacy on Investment Decisions: The Mediating Roles of Investment Strategy and Risk Management
items: Corporate Governance and Financial Risk Management in Financial Institutions: A Systematic Literature Review and Future Research Agenda
items: Future of Banking Risk: How Intelligent Stress Testing Is Transforming Financial Resilience
items: Governance Mechanisms on Earnings Management: Does Audit Quality Moderate? Evidence from Indonesia
items: Financial Statement Analysis and its Impact on Investment Decisions in Ghana
items: Slow to Adjust: International Diversification and the Speed of Adjustment to Cash and Leverage Targets
items: Coretax in Practice: How Tax Consultants Perceive Digital Tax Reporting Effectiveness
items: The Evolving Role of Treasury Systems: How Banks Can Outpace Fintechs
items: Strengthening U.S. Global Leadership in Electric Vehicle Supply Chains Through AI-Driven Fintech Innovation: A Comprehensive Interdisciplinary Analysis
items: Healthcare System Sustainability for an Aging Population in the United States: Economic Challenges and Policy Pathways
items: Institutional Learning and the Limits of Fiscal Rules: A Public Choice Perspective
items: Market Turbulence and Financial Contagion in Emerging Economies: A Meta-Analysis
items: Data-Driven Risk Detection in Digital Financial Systems: Implications for Financial Crime Prevention and Infrastructure Resilience
items: The Impact of New Quality Productive Forces on Corporate Environmental Performance: A Dual Perspective Based on Green Innovation and Environmental Information Disclosure
items: Education Outcomes and Structural Constraints in Côte d’Ivoire: A Political Economy Analysis of Human Capital Formation
items: Electrifying Healthcare Logistics: The Role of Electric Vehicle Transportation in Optimizing Pharmaceutical Value Chains, Digital Marketing, and Financial Performance
items: Economic Resilience of Immunization Systems: Development and Validation of the ERIIS Index
items: Retirement Trends Among PERKESO Contributors: Economic and Social Implications for Malaysia and Policy Insights from Long-term Ageing Governance Experience
items: Adoption of Seventeen SMA Tools in the Saudi Sectors: A Contemporary Analysis
items: Electric Vehicles and Healthcare Efficiency: A Critical Perspective on Cost, Access, and Environmental Impact
items: Client Happiness as a Predictive Economic Variable in Revenue Systems

Navigating the Global-Local Divide in Internal Audit Architecture: G20 and GCC Contextual Dynamics in Structure, Standards, and Roles
type: item
description: Internal auditing is essential to fulfil public sector accountability, yet implementation frameworks vary widely across geographical regions. This study provides a comparative literature review of internal audit architecture and dynamics across G20 nations and the Gulf Cooperation Council (GCC), exploring how institutional systems navigate the global-local divide across three core components: structure, standards, and roles. In analyzing six distinct geopolitical regions, namely (i) Anglo, (ii) BRICS, (iii) Latin America, (iv) Western Europe, (v) East Asia, and (vi) the GCC, the study maps a structural range from centralized models to decentralized and hybrid variations that balance domestic operational autonomy with systemic consistency. Furthermore, it examines standard adoption, assessing how countries either fully align with international frameworks like the Institute of Internal Auditors (IIA) or develop localized, integrated standards to respond to unique regional challenges. Finally, the study highlights how the functional scope of internal audit shifts across these territories, moving from traditional compliance supervisory authorities to preemptive strategic assets. This regional variation highlights an ongoing tension between global standardization and localized governance architectures that are necessary for cognizance in organizational ecosystems.
subject: Research Article
  topic: section
subject: G20 dynamics, Gulf Cooperation Council, Internal audit architecture, Comparative governance, Audit standards, Organizational structure, Audit roles, Public accountability
  topic: keywords
creator: Mustafa M. Bodrick
creator: Mohammed I. Alassaf
creator: Mohammed I. Alsuhaim
creator: Aws A. Obaid
creator: Saleh A. Aljurbua
creator: Saad S. Alhazaa
creator: Mohammed Y. Alrasi
creator: Abdullah A. Alhawas
creator: Faisal A. Qasem
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-26
publication date: 2026-08-26
starting page: 16
ending page: 24
doi: 10.32996/jefas.2026.8.9.2

Risk-Calibrated Generative AI Governance for Responsible AI Adoption in U.S. Organizations: Evidence from Marketing and Corporate Disclosures
type: item
description: Generative artificial intelligence (GenAI) is increasingly embedded in marketing content creation, personalization, customer communication, advertising, and multi-channel campaign execution. Although GenAI can improve speed and scalability, its use creates risks involving accuracy, privacy, intellectual property, bias, compliance, brand consistency, and consumer protection. This study develops and empirically examines a risk-calibrated governance framework for cross-functional marketing projects. The research combines an integrative review and thematic synthesis of relevant scholarly literature with an archival content analysis of official AI-governance disclosures from a purposive sample of large U.S. public companies across technology, finance, and consumer/media sectors. Six governance gates were coded as publicly disclosed or not observed: risk classification, input and data governance, output quality review, legal and ethical compliance, approval and human oversight, and post-deployment monitoring and escalation. The mean governance disclosure score was 5.27 out of 6. Legal and ethical compliance was universally disclosed within the sample, while data governance, risk classification, output quality review, and approval or human oversight were also widely observed. Post-deployment monitoring and escalation was the least consistently disclosed governance stage. Fisher's exact test showed that firms disclosing risk classification were more likely to disclose approval or human-oversight controls (odds ratio = 36.00, p = .038). The corresponding association between risk classification and post-deployment monitoring was positive but not statistically significant (odds ratio = 10.67, p = .117). Governance disclosure scores did not differ significantly across sectors (Kruskal-Wallis H = 0.067, p = .967). The findings support risk-calibrated pre-deployment oversight while highlighting comparatively less consistent public disclosure of lifecycle monitoring after deployme…
subject: Research Article
  topic: section
subject: Generative AI; AI Governance; Risk Management; Marketing Project Management; Cross-Functional Teams; Human Oversight; Compliance; Multi-Channel Marketing
  topic: keywords
creator: Umme Aimen Khan
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-27
publication date: 2026-08-27
starting page: 25
ending page: 30
doi: 10.32996/jefas.2026.8.9.3

Accreditation, Assurance of Learning, and Accounting Education Outcomes: Evidence from the Accounting Program at Qassim University’s College of Business and Economics
type: item
description: This paper examines how accreditation-driven Assurance of Learning and quality assurance practices are associated with outcomes in a Saudi accounting programme housed within an AACSB-accredited College of Business and Economics. Using an explanatory single-case design, the study combines longitudinal programme indicators (2018–2025) with qualitative process evidence from internal quality documents and stakeholder interviews. Outcomes are compared between a pre-accreditation period (2018–2019) and a post-accreditation period (2021–2025), treating 2020 as a transition year. Quantitative change is assessed using before-and-after tests aligned with the measurement scale (e.g., tests of proportions and exact tests for small samples), supported by descriptive trend review; qualitative content analysis is used to explain observed patterns and assess plausible internal mechanisms. The design is intended to identify within-case temporal associations rather than causal effects. Results indicate a substantial post-accreditation improvement in internally controllable outcomes, particularly professional/national exam performance, a pattern consistent with stronger assurance-of-learning routines and faculty-development activity in the post-accreditation period. In contrast, employment within six months of graduation declined, suggesting that realised employment outcomes remain strongly conditioned by labour-market factors beyond programme-level control. Progression to postgraduate study remained broadly stable with no statistically significant post-accreditation shift. The study concludes that accreditation-associated quality-assurance processes may support measurable academic gains, while employability improvements require complementary institutional and labour-market support. Findings should be interpreted in light of the single-case design, the short pre-accreditation window, and the absence of a contemporaneous comparison programme.
subject: Research Article
  topic: section
subject: Accounting education; Assurance of Learning; Accreditation; Quality assurance; Employability; Professional certification exams; Saudi Arabia
  topic: keywords
creator: Ibrahim Sweiti
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-22
publication date: 2026-08-22
starting page: 174
ending page: 186
doi: 10.32996/jefas.2026.8.8.14

Reorganizing Economic Global Value Chains in an Era of Polycrisis: Global Drivers, Strategic Responses, and Opportunities for South-East European Countries
type: item
description: The reorganization of global value chains (GVCs) has become a defining question in international economics and business strategy. Pandemic disruption, geoeconomic rivalry, war-related energy and transport shocks, climate risk, and digital transformation have raised the value of resilience, yet they have not caused an indiscriminate reversal of cross-border production. This article develops a structured integrative review and comparative secondary-data synthesis to assess nature, drivers, and consequences of contemporary GVC reorganization. It argues that the dominant adjustment is selective rewiring: firms diversify suppliers, regionalize stages, increase inventories for critical inputs, digitalize visibility, and rebalance the efficiency–resilience trade-off while retaining global specialization. The analysis then considers South-East Europe, especially the Western Balkans and adjacent EU economies, as a potential complementary production and services space for European chains. The region’s opportunity is conditional on regulatory alignment, logistics, skills, innovation, energy transition, and regional coordination. A policy agenda centered on functional upgrading rather than low-cost assembly alone can connect resilience objectives with inclusive and sustainable development.
subject: Research Article
  topic: section
subject: global value chains
  topic: keywords
subject: resilience
  topic: keywords
subject: regionalization
  topic: keywords
subject: nearshoring
  topic: keywords
subject: South-East Europe
  topic: keywords
subject: industrial upgrading
  topic: keywords
creator: Edvin Stefani
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-29
publication date: 2026-08-29
starting page: 31
ending page: 41
doi: 10.32996/jefas.2026.8.9.4

Private Clinic Integration through Hybrid Models within Government Hospitals: A Systematic Review of Funding Efficiency and Quality-of-Care Outcomes with Policy Implications for Oman
type: item
description: As artificial intelligence and adjacent technologies take on a larger role in private markets, the ability to evaluate high-growth technology firms has become increasingly important for private-equity investors. We examine whether technology-focused PE sponsors differ from generalist sponsors in the sectors they enter, the prices they pay, the way they structure acquisitions, and the valuation outcomes that follow. Using a deal-level sample of 808 technology-unicorn acquisitions announced between 2010 and 2024, we combine Crunchbase transaction data with sector-level EV/EBITDA benchmarks from NYU Stern. Our primary analysis focuses on 601 acquisitions involving U.S.-based PE sponsors and compares specialist and generalist acquisition behavior across several dimensions. We find that technology-focused sponsors acquire in sectors with EV/EBITDA benchmarks 4.10 points higher than those associated with generalists, a difference of approximately 8.87% in logarithmic terms. Yet their preference for more highly valued sectors does not translate into higher relative prices at the company level: specialist-sponsored transactions are associated with substantially lower price-to-revenue multiples at entry. Specialists also structure acquisitions differently. Compared with all-cash transactions, technology-focused sponsors show a 33.6% higher relative likelihood of using mixed cash-and-stock consideration and a 71.6% higher relative likelihood of using pure stock. The differences extend beyond the acquisition itself. Within 12 months, acquisitions involving technology-focused sponsors have estimated odds of exceeding their matched sector EV/EBITDA benchmark that are 5.47 times those of acquisitions involving generalists, although this result is significant at the 10% level. These patterns are less uniform outside the United States, where the domestic relationship between specialization and sector selection is no longer statistically detectable across 207 international acquisiti…
subject: Research Article
  topic: section
subject: Private Clinic Integration; Hybrid Models; Government Hospitals; Systematic Review; Funding Efficiency; Quality-of-Care Outcomes; Policy Implications; Oman
  topic: keywords
creator: Nasser AL Hashmi
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-20
publication date: 2026-08-20
starting page: 119
ending page: 173
doi: 10.32996/jefas.2026.8.8.13

Predicting Profitability Deterioration in U.S. Commercial Banks Using Explainable Machine Learning
type: item
description: This study develops an explainable machine-learning framework for predicting next-quarter profitability deterioration in U.S. commercial banks. Public regulatory records yield 277,959 bank-quarter observations from 7,344 banks. Deterioration is defined as a decline of at least one percentage point in annualized quarterly return on assets. L2 logistic regression, Random Forest, and XGBoost are evaluated through an expanding window covering 15 out-of-sample quarters from 2022Q1 to 2025Q3. XGBoost achieves mean ROC AUC of 0.8196, average precision (AP) of 0.3281, Brier score of 0.0303, and top-decile event capture of 54.09 percent. A restricted five-knot cubic-spline logistic model using only current ROA attains mean ROC AUC of 0.7593 and AP of 0.2247; full-predictor XGBoost improves these measures by 0.0603 and 0.1035 and raises top-decile capture by 7.71 percentage points (all paired p < 0.001). When the original out-of-sample scores are evaluated against persistent deterioration over two quarters, XGBoost attains mean ROC AUC of 0.9202 and AP of 0.3989. SHAP analysis consistently ranks current profitability, nonperforming loans, and bank size as the three leading predictors, followed by the compensation expense ratio and the net interest income-to-assets ratio. The framework can support early-warning prioritization but should complement, not replace, financial analysis and supervisory judgment.
subject: Research Article
  topic: section
subject: profitability deterioration; commercial banks; explainable machine learning; XGBoost; early-warning systems; bank risk
  topic: keywords
creator: Aftab Hossain Sazu
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-22
publication date: 2026-08-22
starting page: 187
ending page: 200
doi: 10.32996/jefas.2026.8.8.15

Digitalisation and Its Impact on Corporate ESG Performance in Middle East Countries
type: item
description: Digitalisation, ESG (environment, social, and governance) practices have gained importance in recent years. Firms have to mandatorily implement initiatives for ESG. This paper examines digitalisation and corporate ESG performance in Middle East Countries. Digitalisation is about using digital and online methods to frame ESG metrics performance; provide information about ESG to regulatory authorities, and investors, and to track the corporate performance. Since ESG has three dimensions environment, social, and governance. This paper examines the impact of these three dimensions collectively and individually on firm performance, and attitude of investors and firm owners. Three hypothesis were drawn and tested. A panel data of 439 firms from fifteen Middle East countries was drawn and observations were made for 12 variables for the years 2013- 2023. Twelve value relevance models were created, tested, and the data was subjected to regression analysis using SPSS. The findings indicate that except for environment dimension, the other two dimensions give relevant information that digitalisation helps investors to take investment decisions, thereby impacting the firm market value significantly and positively. Digitalisation has a positive and significant relation with ESG performance.
subject: Research Article
  topic: section
subject: ESG performance, ESG dimensions, digitalisation, value relevance, firm value, Middle East firms
  topic: keywords
creator: Abdulrhman Atllah Alharbi
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-16
publication date: 2026-08-16
starting page: 88
ending page: 103
doi: 10.32996/jefas.2026.8.8.11

Dissecting Corporate Defense: A Critique of the Three Lines of Defense (3LOD) and the expanded Five Lines of Defense (5LOD) / Five Lines of Assurance (5LOA) Models
type: item
description: Modern organizational governance demands a relentless dynamic between strict risk control and operational agility. For decades, the Three Lines of Defense (3LOD) framework has served as the standard blueprint for internal audit structures and reporting lines. This literature review evaluates the structural mechanics of both 3LOD and the expanded Five Lines of Defense (5LOD) model, which also is conceptualized by executive leadership as the Five Lines of Assurance (5LOA), and examines their capacity to withstand contemporary corporate pressures. While the 3LOD model provides clear operational boundaries, evidence suggests it can inadvertently isolate executive leadership, treat strategic partners as passive information consumers, and suppress innovation through over-engineered risk avoidance. The 5LOD/5LOA model attempts to resolve these gaps by integrating the governing body and external assurance into a more holistic framework. However, this expansion introduces structural trade-offs, including increased institutional bureaucracy, operational complexity, and the risk of diluted accountability. Fueling this complexity is an accelerating corporate shift from direct reporting lines toward volatile dual-reporting audit frameworks. Ultimately, we demonstrate that choosing an organizational defense structure is a high-stakes strategic decision that requires deep alignment with an organization’s governance maturity, regulatory pressures, and market reality.
subject: Research Article
  topic: section
subject: Corporate Governance, Risk Strategy, 3LOD vs 5LOD, Five Lines of Assurance (5LOA), Corporate Bureaucracy, Governance Maturity, Innovation Suppressing, Dual-Line Reporting
  topic: keywords
creator: Mustafa M. Bodrick
creator: Mohammed I. Alassaf
creator: Mohammed I. Alsuhaim
creator: Saleh A. Aljurbua
creator: Saad S. Alhazaa
creator: Mohammed Y. Alrasi
creator: Abdullah A. Alhawas
creator: Aws A. Obaid
creator: Faisal A. Qasem
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-12
publication date: 2026-08-12
starting page: 82
ending page: 87
doi: 10.32996/jefas.2026.8.8.10

Private Equity Specialization’s Effects on Pricing and Structure in Technology Unicorn Acquisitions from 2010–2024
type: item
description: As artificial intelligence and adjacent technologies take on a larger role in private markets, the ability to evaluate high-growth technology firms has become increasingly important for private-equity investors. We examine whether technology-focused PE sponsors differ from generalist sponsors in the sectors they enter, the prices they pay, the way they structure acquisitions, and the valuation outcomes that follow. Using a deal-level sample of 808 technology-unicorn acquisitions announced between 2010 and 2024, we combine Crunchbase transaction data with sector-level EV/EBITDA benchmarks from NYU Stern. Our primary analysis focuses on 601 acquisitions involving U.S.-based PE sponsors and compares specialist and generalist acquisition behavior across several dimensions. We find that technology-focused sponsors acquire in sectors with EV/EBITDA benchmarks 4.10 points higher than those associated with generalists, a difference of approximately 8.87% in logarithmic terms. Yet their preference for more highly valued sectors does not translate into higher relative prices at the company level: specialist-sponsored transactions are associated with substantially lower price-to-revenue multiples at entry. Specialists also structure acquisitions differently. Compared with all-cash transactions, technology-focused sponsors show a 33.6% higher relative likelihood of using mixed cash-and-stock consideration and a 71.6% higher relative likelihood of using pure stock. The differences extend beyond the acquisition itself. Within 12 months, acquisitions involving technology-focused sponsors have estimated odds of exceeding their matched sector EV/EBITDA benchmark that are 5.47 times those of acquisitions involving generalists, although this result is significant at the 10% level. These patterns are less uniform outside the United States, where the domestic relationship between specialization and sector selection is no longer statistically detectable across 207 international acquisiti…
subject: Research Article
  topic: section
subject: Industry specialization
  topic: keywords
subject: Mergers and acquisitions
  topic: keywords
subject: Acquisition pricing
  topic: keywords
subject: Acquisition structure
  topic: keywords
subject: Method of payment
  topic: keywords
subject: Technology unicorns
  topic: keywords
subject: Private-company valuation
  topic: keywords
subject: Private equity
  topic: keywords
creator: Arnav Maheshwari
creator: Benjamin Tang
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-19
publication date: 2026-08-19
starting page: 104
ending page: 118
doi: 10.32996/jefas.2026.8.8.12

The Impact of Financial Literacy on Investment Decisions: The Mediating Roles of Investment Strategy and Risk Management
type: item
description: This research paper will examine the effect of financial literacy on Investment decision. Financial literacy is one of the most influential factors in determining the investment decision and developing investment strategy and managing financial risk for the investors. A quantitative cross-sectional study was carried out among individual investors and future investors in Dhaka, Bangladesh. Survey data were collected by structured self-administrated questionnaire in offline and online surveys. For analysis of the proposed conceptual model, Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied using SmartPLS 4 software. Reliability, convergent validity, discriminant validity, structural relationships, and mediating effect were tested in accordance with the standard PLS-SEM methods. Financial literacy had a highly significant direct influence on investment decision (β = 0.512, p < 0.001). Financial literacy had a highly significant effect on investment strategy (β = 0.714, p < 0.001) and risk management (β = 0.655, p < 0.001). Investment strategy (β = 0.253, p = 0.012) and risk management (β = 0.574, p < 0.001) positively influenced the investment decision. Mediating effect analysis has found highly significant indirect influence through investment strategy (β = 0.181, p = 0.013) and risk management (β = 0.376, p < 0.001). The aspect of financial literacy plays a vital role in improving investment decisions both directly and indirectly. Better financial education and risk management techniques can help individual investors in making better decisions on investing and adopting sustainable investment behavior.
subject: Research Article
  topic: section
subject: Financial literacy; Investment decision; Investment strategy; Risk management; PLS-SEM
  topic: keywords
creator: Amirul Islam
creator: Nibir Saha Rudra
creator: Prodip Chandra Bishwas
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-07-28
publication date: 2026-07-28
starting page: 62
ending page: 72
doi: 10.32996/jefas.2026.8.8.7

Corporate Governance and Financial Risk Management in Financial Institutions: A Systematic Literature Review and Future Research Agenda
type: item
description: Corporate governance has become a critical determinant of financial stability, organizational resilience, and effective risk management in financial institutions. Following the global financial crisis of 2007–20G09 and subsequent regulatory reforms, considerable scholarly attention has focused on understanding how governance mechanisms influence organizational risk-taking and financial performance. However, existing evidence remains fragmented across governance dimensions, institutional contexts, and theoretical perspectives. This study systematically reviews the literature on corporate governance and financial risk management in financial institutions using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA 2020) framework. The review synthesizes empirical studies published between 2013 and 2025, examining the influence of board characteristics, ownership structures, board risk committees, Chief Risk Officers, enterprise risk management, internal controls, transparency, risk disclosure, and organizational risk culture on financial risk management. The findings indicate that effective governance generally contributes to lower financial risk, stronger organizational resilience, improved regulatory compliance, and enhanced financial stability. Nevertheless, the review also reveals that governance effectiveness depends less on the existence of formal governance structures than on their quality, independence, expertise, authority, and integration within organizational decision-making processes. The study further identifies significant contextual and methodological gaps, particularly the limited evidence from emerging economies, including Africa, and the growing need to investigate governance responses to cybersecurity, artificial intelligence, fintech innovation, climate-related financial risks, and Environmental, Social, and Governance (ESG) issues. The review contributes to the corporate governance literature by integrating multiple theoret…
subject: Research Article
  topic: section
subject: Corporate governance
  topic: keywords
subject: Finanncial risk management
  topic: keywords
subject: Financial institutions
  topic: keywords
subject: Board governance
  topic: keywords
subject: Enterprise risk management
  topic: keywords
subject: Risk governance
  topic: keywords
creator: Evans O. N. D. Ocansey
creator: Michael Ofosu Antwi
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-24
publication date: 2026-08-24
doi: 10.32996/jefas.2026.8.9.1

Future of Banking Risk: How Intelligent Stress Testing Is Transforming Financial Resilience
type: item
description: Stress testing is a critical component of banking risk management and supervisory oversight, providing a structured means of evaluating whether financial institutions can absorb losses and maintain capital resilience under adverse conditions. Yet the increasing speed, complexity, and interconnectedness of financial markets raise questions about the ability of predominantly scenario-based and periodically executed approaches to identify emerging vulnerabilities. This conceptual paper examines how artificial intelligence (AI), machine learning (ML), alternative data, and advanced analytics could augment conventional bank stress testing by enabling more adaptive scenario generation, nonlinear risk estimation, continuous monitoring, and integrated portfolio analysis. The paper uses a structured conceptual synthesis of the stress-testing literature, supervisory principles, and recent research on AI-enabled financial risk modeling to identify limitations in traditional approaches and develop a framework for AI-enabled dynamic stress testing. The proposed framework links data and risk sensing, AI-assisted scenario generation, portfolio and balance-sheet simulation, capital and liquidity impact assessment, management decision-making, and model-risk governance. The analysis argues that AI should complement rather than replace established stress-testing governance and supervisory processes. In particular, model validation, explainability, data quality, human oversight, documentation, and ongoing monitoring are essential for responsible adoption. The paper contributes a research-oriented framework for understanding how banks can move from predominantly periodic stress exercises toward more adaptive and forward-looking risk intelligence while preserving regulatory discipline. It also identifies empirical research opportunities, including comparative testing of AI and traditional models, evaluation of scenario-generation quality, and measurement of governance effectiveness.
subject: Research Article
  topic: section
subject: bank stress testing; artificial intelligence; machine learning; dynamic stress testing; model risk; financial resilience; scenario analysis; capital adequacy; enterprise risk management
  topic: keywords
creator: Nishitha Kambalapally
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-07-27
publication date: 2026-07-27
starting page: 56
ending page: 61
doi: 10.32996/jefas.2026.8.8.6

Governance Mechanisms on Earnings Management: Does Audit Quality Moderate? Evidence from Indonesia
type: item
description: This study examines the determinants of earnings management in Indonesia's consumer non-cyclical sector, focusing on the roles of leverage, board gender diversity, managerial ownership, and institutional ownership, with audit quality as a moderating variable. Using 375 firm-year observations from 75 companies listed on the Indonesia Stock Exchange between 2020 and 2024, the study applies Moderated Regression Analysis (MRA). Earnings management is measured using discretionary accruals derived from the Modified Jones Model. The findings reveal that leverage exerts a significant positive effect on earnings management, whereas gender diversity, managerial ownership, and institutional ownership each exert a significant negative effect. Regarding moderation, audit quality significantly weakens the effect of leverage on earnings management while strengthening the suppressive effect of board gender diversity. Audit quality does not moderate the effects of either ownership variable. These results suggest that gender-diverse boards, managerial equity stakes, and institutional ownership represent effective governance mechanisms, whose efficacy is further reinforced when coupled with high-quality external auditing.
subject: Research Article
  topic: section
subject: Earnings Management, Leverage, Board Gender Diversity, Managerial Ownership, Institutional Ownership, Audit Quality
  topic: keywords
creator: Ni Wayan Ariestiani
creator: I Ketut Sujana
creator: Henny Triyana Hasibuan
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-07-21
publication date: 2026-07-21
starting page: 46
ending page: 55
doi: 10.32996/jefas.2026.8.8.5

Financial Statement Analysis and its Impact on Investment Decisions in Ghana
type: item
description: The objective of the study is to investigate the influence of financial statement analysis on investment decisions among investors in the Ghana Stock Exchange Market. Quantitative research design was employed where data was collected through structured questionnaires issued to both individual and institutional investors on the Ghana Stock Exchange Market. In all a total of ninety-seven (97) valid responses were analyzed using descriptive and inferential statistical tools, including correlation and regression analysis. The findings of the study revealed a strong and statistically significant relationship between financial statement analysis and the quality of investment decisions of investors in the Ghana Stock Exchange Market, particularly emphasizing the importance of profitability and liquidity indicators.
subject: Research Article
  topic: section
subject: Financial Statements, Investment Decisions, Investors, Ghana Stock Exchange, Decision Making
  topic: keywords
creator: Issah Iddrisu
creator: Mahamudu Issahaku
creator: Sumani Salmanu
creator: Suale Hamdia Norgah
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-07-09
publication date: 2026-07-09
starting page: 37
ending page: 45
doi: 10.32996/jefas.2026.8.8.4

Slow to Adjust: International Diversification and the Speed of Adjustment to Cash and Leverage Targets
type: item
description: Using 53,121 U.S. firm-year observations from 1989 through 2024, I estimate target cash holdings and leverage ratios and measure deviations from these targets as excess cash and excess debt capacity, respectively, for internationally diversified firms. I find that internationally diversified firms hold significantly higher excess cash and excess debt capacity than domestic firms, consistent with greater information asymmetry and weaker external monitoring. More importantly, internationally diversified firms adjust more slowly toward their target cash and leverage levels. This effect is mitigated by product market competition, and the results are robust to an instrumental-variable approach addressing the endogeneity of diversification. Overall, my findings suggest that international diversification impedes firms' ability to adjust toward optimal financial policies, with implications for capital structure and liquidity management in multinational firms.
subject: Research Article
  topic: section
subject: International diversification; excess cash; excess debt capacity; speed of adjustment; product market competition; information asymmetry.
  topic: keywords
creator: Faezeh Alirezvani
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-08-07
publication date: 2026-08-07
starting page: 73
ending page: 81
doi: 10.32996/jefas.2026.8.8.9

Coretax in Practice: How Tax Consultants Perceive Digital Tax Reporting Effectiveness
type: item
description: This study aims to analyze the effectiveness of the tax reporting process in the Core Tax Administration System (Coretax) from the perspective of tax consultants in 2025. The study employs a quantitative approach by integrating the DeLone and McLean Information System Success Model and the Technology Acceptance Model (TAM). Data were collected through a questionnaire administered to 250 tax consultants/Coretax users and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The variables examined comprise system quality, information quality, service quality, perceived ease of use as a mediating variable, and tax reporting effectiveness as the dependent variable. The instrument test results indicate that all items are valid and all constructs are reliable, with Cronbach's Alpha values ranging from 0.740 to 0.933, Composite Reliability values from 0.834 to 0.952, and AVE values from 0.504 to 0.799. The structural model shows that system quality, information quality, and service quality positively affect perceived ease of use. System quality and information quality also significantly affect tax reporting effectiveness, whereas service quality does not have a significant direct effect. Perceived ease of use is proven to mediate the effects of system quality and information quality on tax reporting effectiveness. The Importance-Performance Map Analysis (IPMA) indicates that system quality is the most important factor to be maintained, while information quality represents the most realistic improvement area for organizational management. These findings contribute to the literature on tax digitalization and provide practical recommendations for Coretax system managers in improving the quality of tax reporting.
subject: Research Article
  topic: section
subject: Coretax; system quality; information quality; service quality; perceived ease of use; tax reporting effectiveness
  topic: keywords
creator: M. Naufal Shidqii Dhiya Ulhaq
creator: Nataherwin
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-29
publication date: 2026-06-29
starting page: 14
ending page: 22
doi: 10.32996/jefas.2026.8.8.2

The Evolving Role of Treasury Systems: How Banks Can Outpace Fintechs
type: item
description: Corporate treasury management sits at the intersection of finance, technology, and institutional trust, and it is changing fast. Over the past decade, financial technology companies have reshaped how corporations initiate payments, monitor balances, and manage relationships with multiple banking partners. Their appeal is understandable: fintech platforms are faster to deploy, more intuitive to use, and often far less bureaucratic than the legacy systems offered by traditional banks. But beneath the polished interfaces and compelling value propositions, a structural problem persists. Most fintech treasury solutions are built for one-directional communication, they carry corporate instructions outward to banks but struggle to bring meaningful, real-time feedback back. Transaction confirmations are delayed. Reconciliation is partially manual. Exception handling depends on workarounds. These are not minor inconveniences; for treasury teams managing millions of dollars across multiple currencies and jurisdictions, they represent genuine operational and financial risk. This paper examines that gap and argues that it represents a significant strategic opportunity for traditional banks. Banks are not simply competing with fintechs, they are positioned, structurally and institutionally, to offer something fintechs cannot: a fully integrated, bidirectional treasury ecosystem built on the foundations of regulatory authority, settlement infrastructure, balance sheet depth, and decades of corporate relationship capital. Through a comprehensive review of academic literature and industry practice published between 2016 and 2024, this study develops the Bank Strategic Advantage Framework (BSAF), a five-dimensional model that maps the specific areas where banks hold durable competitive advantages over fintech competitors in the corporate treasury space. The paper further proposes a platform architecture model incorporating Banking-as-a-Service (BaaS) and Channel-as-a-Service (CaaS) …
subject: Research Article
  topic: section
subject:
  topic: keywords
  value: treasury management systems, fintech disruption, corporate banking, Banking-as-a-Service, Channel-as-a-Service, bidirectional integration, payment platforms, digital transformation, cash management, SWIFT
creator: Muhammad Qasim
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-28
publication date: 2026-06-28
starting page: 01
ending page: 13
doi: 10.32996/jefas.2026.8.8.1

Strengthening U.S. Global Leadership in Electric Vehicle Supply Chains Through AI-Driven Fintech Innovation: A Comprehensive Interdisciplinary Analysis
type: item
description: This study examines how artificial intelligence (AI) and fintech innovation can strengthen U.S. leadership in electric vehicle (EV) supply chains. As global competition intensifies among major economies—particularly the United States, China, and the European Union—the United States must enhance supply-chain resilience, battery sourcing security, infrastructure financing, and advanced manufacturing competitiveness. The paper proposes a comprehensive AI-driven fintech framework integrating five core pillars: predictive analytics, blockchain traceability, digital twins, embedded finance, and intelligent risk management. Drawing upon recent interdisciplinary research in AI applications, healthcare analytics, supply-chain optimization, EV adoption behavior, charging infrastructure deployment, and financial transformation, the study argues that AI-enabled financial ecosystems can substantially improve capital allocation, operational efficiency, sustainability performance, and national competitiveness. The findings suggest that coordinated investments in AI, clean energy technologies, fintech infrastructure, and advanced manufacturing can reinforce U.S. economic leadership while simultaneously accelerating the global transition toward sustainable mobility. Policy recommendations, industry implications, and future research directions are discussed.
subject: Research Article
  topic: section
subject: Artificial intelligence, electric vehicles, fintech, supply chain, blockchain, digital twin, charging infrastructure, U.S. competitiveness
  topic: keywords
creator: Adil Shah
creator: Sabbir Ahammed Khan
creator: Md Nurul Huda Razib
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-25
publication date: 2026-06-25
starting page: 91
ending page: 102
doi: 10.32996/jefas.2026.8.7.6

Healthcare System Sustainability for an Aging Population in the United States: Economic Challenges and Policy Pathways
type: item
description: Population aging is one of the major long-term economic challenges facing the U.S. healthcare system. As life expectancy increases and the older-adult population expands, demand is rising for chronic disease management, hospital care, prescription medication, rehabilitation, home care, long-term services and supports, and caregiver assistance. Existing studies have examined aging-related healthcare costs, long-term care financing, medical expenditure burden, workforce shortages, and family caregiving, but these issues are often analyzed separately rather than as one integrated economic sustainability problem. This paper examines the economic sustainability of U.S. healthcare systems serving an aging population by focusing on three major pressures: increasing healthcare demand, long-term care financing strain, and healthcare delivery-capacity constraints. Drawing on peer-reviewed studies, government reports, and policy analyses published before 2025, the paper identifies a gap in the literature: limited integration of Medicare and Medicaid financing, workforce capacity, chronic disease burden, care fragmentation, unpaid caregiving, preventive care, and home- and community-based services into a single sustainability framework. The paper proposes a conceptual framework that links cost control, access, workforce development, technology-enabled care coordination, long-term care reform and caregiver support. The findings suggest that economic sustainability cannot be achieved through increased healthcare spending alone. Instead, the U.S. healthcare system must shift from a reactive, hospital-centered model toward a preventive, coordinated, technology-supported, home and community-based model that improves affordability, access, quality, and aging-care outcomes.
subject: Research Article
  topic: section
subject: Aging population, Healthcare sustainability, Medicare, Medicaid, Long-term care, Economic burden, United States, Elderly care
  topic: keywords
creator: Mobasher Hasan
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2025-09-20
publication date: 2025-09-20
starting page: 83
ending page: 91
doi: 10.32996/jefas.2025.7.5.8

Institutional Learning and the Limits of Fiscal Rules: A Public Choice Perspective
type: item
description: This article investigates the process of constructing fiscal discipline in Brazil from the Camata Law (Lei Complementar No. 82/1995) to the approval of the Fiscal Responsibility Law (FRL) in 2000, and examines its subsequent deterioration from 2014 onwards. It analyses the evolution of personnel expenditure limits, sanction mechanisms and enforcement instruments over the period 1995 to 2000. Using a qualitative approach based on documentary and institutional analysis, the study draws on the relevant legislation and historical fiscal data series. The paper identifies the initial lack of effective sanctions and enforcement tools in the Camata Law, as well as the advances introduced by Constitutional Amendment No. 19/1998 and the New Camata Law (Lei Complementar No. 96/1999). This work shows how, through learning‑by‑doing, these successive reforms culminated in a broader institutional framework with the FRL and it concludes that fiscal discipline depends on societal pressure.
subject: Research Article
  topic: section
subject: Fiscal Responsibility Law
  topic: keywords
subject: Camata Law
  topic: keywords
subject: fiscal discipline
  topic: keywords
subject: enforcement
  topic: keywords
subject: fiscal rules
  topic: keywords
creator: Ricardo da Costa Nunes
creator: Selene Peres Peres Nunes
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-01
publication date: 2026-06-01
starting page: 79
ending page: 90
doi: 10.32996/jefas.2026.8.7.5

Market Turbulence and Financial Contagion in Emerging Economies: A Meta-Analysis
type: item
description: Quantitative syntheses of the financial contagion literature are scarce, with frontier markets at the edge of the emerging-market category particularly under-represented. We meta-analyse 312 effect sizes from 87 studies (2002–2024) spanning 26 economies. A three-level random-effects model with cluster-robust variance estimation and Hartung–Knapp–Sidik–Jonkman adjustment returns a pooled standardised contagion coefficient of 0.187 (95% CI: 0.156–0.218; I-squared = 76.4%; tau-squared = 0.022). Multilevel meta-regression attributes 28% of between-study variance to methodological choice: DCC-GARCH and TVP-VAR connectedness measures exceed the Forbes–Rigobon adjustment by 35–45%, consistent with heteroscedasticity-induced bias. Regional moderators diverge sharply: the BRICS bloc registers 0.241, against 0.124 for Central Asia and Mongolia (k = 14), the lowest sub-sample mean. Selective-reporting diagnostics—Egger regression, trim-and-fill, PEESE, p-curve, p-uniform-star and a Vevea–Hedges selection model—indicate moderate but bounded distortion. Leave-one-out and Cook-distance diagnostics confirm that no single study drives the result. We draw three conclusions: methodological choice has first-order consequences for measured contagion; small open frontier markets exhibit attenuated direct co-movement but pronounced commodity-mediated transmission; and Central Asia and Mongolia warrant a focused research agenda calibrated to commodity- and currency-channel measurement.
subject: Research Article
  topic: section
subject: Financial contagion; Emerging markets; Meta-analysis; DCC-GARCH; Mongolia; Central Asia
  topic: keywords
creator: Ankhbileg Khurelbaatar
creator: Ankhbayar Chuluunbaatar
creator: Batnasan Namsrai
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-25
publication date: 2026-05-25
starting page: 63
ending page: 78
doi: 10.32996/jefas.2026.8.7.4

Data-Driven Risk Detection in Digital Financial Systems: Implications for Financial Crime Prevention and Infrastructure Resilience
type: item
description: The increasing digitalization of financial systems has transformed how financial institutions process transactions, deliver services, and manage operational risk. However, the rapid growth of electronic payment systems and online financial platforms has also increased exposure to fraud, identity theft, and cyber-enabled financial crime. This study explores the relationship between the expansion of the digital financial system and financial crime exposure in the United States, using publicly available data from the Federal Trade Commission (FTC) Consumer Sentinel Network and the Federal Reserve Payments Study. Adopting an exploratory and policy-oriented approach, the study uses descriptive trend analysis, comparative visualization, and conceptual financial risk interpretation to examine evolving fraud patterns and digital transaction vulnerabilities. The findings indicate that the growth of digital payment infrastructures has been accompanied by persistently high levels of fraud reports, identity theft incidents, and financial losses, particularly within credit card and electronic transaction environments. In response, the study proposes a conceptual Data-Driven Risk Detection Framework integrating transaction analytics, anomaly detection, compliance monitoring, and adaptive learning mechanisms to strengthen financial crime prevention and infrastructure resilience. The study contributes to the literature by offering a practical, infrastructure-focused perspective on data-driven financial risk governance in increasingly digital financial ecosystems.
subject: Research Article
  topic: section
subject: Digital Financial Systems; Financial Crime Prevention; Fraud Detection; Financial Risk Analytics; Data-Driven Risk Detection; Financial Infrastructure Resilience
  topic: keywords
creator: Md Mizanur Rahman
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-23
publication date: 2026-05-23
starting page: 47
ending page: 62
doi: 10.32996/jefas.2026.8.7.3

The Impact of New Quality Productive Forces on Corporate Environmental Performance: A Dual Perspective Based on Green Innovation and Environmental Information Disclosure
type: item
description: In the era of coordinated advancement of the “dual carbon” goals and high-quality development, how to transform new quality productive forces into tangible environmental governance outcomes has become a core issue in enterprises’ green transformation. This study takes Chinese A-share listed companies from 2015 to 2024 as the research sample and systematically examines the impact of new quality productive forces on corporate environmental performance, as well as its underlying mechanisms and heterogeneous characteristics. To address potential endogeneity issues, the instrumental variable approach and propensity score matching method are employed. The baseline regression results show that an increase in the level of new quality productive forces significantly improves corporate environmental performance. The conclusion remains robust after a series of robustness checks, including replacing the explanatory variable, changing the regression model, excluding samples from municipalities, and adjusting the clustering level. Mechanism tests reveal that new quality productive forces exert their effects primarily through two pathways: first, by stimulating enterprises’ green technological innovation vitality and promoting the output of green invention patents, thereby providing technological support for environmental improvement; second, by enhancing the quality of environmental information disclosure, which increases the transparency and supervisability of corporate environmental behavior and forms a combined internal and external supervisory force that compels continuous improvement. Heterogeneity analysis indicates that the positive environmental effect of new quality productive forces is more pronounced in enterprises with high profitability, in high-tech industries, and in heavily polluting industries, while the effect is relatively weaker in enterprises with low profitability, in non-high-tech industries, and in lightly polluting industries. This study not only theoreti…
subject: Research Article
  topic: section
subject: New quality productive forces; corporate environmental performance; level of green innovation; environmental information disclosure quality
  topic: keywords
creator: Yifan Zhang
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-20
publication date: 2026-05-20
starting page: 29
ending page: 46
doi: 10.32996/jefas.2026.8.7.2

Education Outcomes and Structural Constraints in Côte d’Ivoire: A Political Economy Analysis of Human Capital Formation
type: item
description: This study examines the relationship between educational investment, system efficiency, and human capital formation in Côte d’Ivoire within a political economy framework. While human capital theory suggests that increased investment in education promotes productivity and economic growth, evidence from developing economies indicates that educational expansion alone does not necessarily generate improved developmental outcomes. The study aims to analyze how institutional quality, governance structures, labor market alignment, and structural constraints influence the effectiveness of educational investments in Côte d’Ivoire. The research adopts a qualitative analytical approach based on a structured review of academic literature, development reports, and policy documents from institutions including the World Bank, UNESCO, UNICEF, and the African Development Bank. The analysis integrates perspectives from human capital theory, endogenous growth theory, and institutional economics to evaluate the interaction between educational access, learning quality, and socio-economic outcomes. Findings indicate that although Côte d’Ivoire has achieved substantial progress in expanding access to education, major challenges persist in terms of learning outcomes, resource efficiency, labor market mismatch, demographic pressure, and institutional capacity. The study demonstrates that the developmental returns of education depend not only on financial investment but also on governance quality, policy coordination, and the alignment between educational systems and economic structures. The paper contributes to the literature by providing an interdisciplinary interpretation of education outcomes in a developing-country context and by emphasizing the limitations of input-centered education policies. It concludes that sustainable human capital formation requires reforms focused on education quality, institutional effectiveness, accountability, and labor market relevance rather than access exp…
subject: Research Article
  topic: section
subject: human capital formation; education policy; institutional efficiency; political economy; Côte d’Ivoire; governance; labor market alignment
  topic: keywords
creator: MEITE ALIMATA
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-15
publication date: 2026-05-15
starting page: 01
ending page: 28
doi: 10.32996/jefas.2026.8.7.1

Electrifying Healthcare Logistics: The Role of Electric Vehicle Transportation in Optimizing Pharmaceutical Value Chains, Digital Marketing, and Financial Performance
type: item
description: The transformation of healthcare logistics through electric vehicle (EV) adoption represents a critical advancement in optimizing pharmaceutical value chains. This study examines the integration of EV transportation systems within healthcare distribution networks and evaluates their impact on operational efficiency, digital marketing capabilities, and financial performance. By synthesizing insights from supply chain analytics, artificial intelligence, and sustainable mobility frameworks, the research identifies key drivers, barriers, and outcomes associated with electrified logistics. The findings suggest that EV-enabled logistics not only reduce environmental impact but also enhance delivery reliability, improve patient-centric service models, and support data-driven marketing strategies. Furthermore, financial analysis indicates long-term cost advantages despite high initial investment, positioning EV logistics as a strategic asset in modern healthcare ecosystems.
subject: Research Article
  topic: section
subject: Electric Vehicles, Healthcare Logistics, Pharmaceutical Supply Chain, Digital Marketing, Financial Performance, Sustainability, AI Integration
  topic: keywords
creator: Abdullah Al Mahmoood
creator: Sabbir Ahammed Khan
creator: Shanzida Kabir
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-13
publication date: 2026-05-13
starting page: 39
ending page: 44
doi: 10.32996/jefas.2026.8.6.5

Economic Resilience of Immunization Systems: Development and Validation of the ERIIS Index
type: item
description: The health and economic benefits of vaccination programs are tremendous, yet the financial sustainability will be vulnerable to macroeconomic crises, change of donors and government budget constraints. Current research calculates the health impact and cost-effectiveness and does not determine the economic resilience at the system level. In this paper, Economic Resilience Index of Immunization Systems (ERIIS), a composite and multi-dimensional index, is introduced; the index is designed to validate and forecast the ability of a country to maintain immunization outcomes in the case of fiscal shock. ERIIS is a composite score of five pillars: fiscal autonomy, health economic integration, procurement efficiency, funding diversification and data and forecast capacity into 100 points. According to the model, there are measurable indicators, weighting process, and a validation method that are to be employed in an empirical manner. ERIIS can provide a forecasting tool to policymakers because operationalizing economic resilience can be used to determine vulnerability, improve financial preparedness, and reform sustainable immunszation.
subject: Research Article
  topic: section
subject: Economic resilience, Immunization systems, Vaccine financing, Health system resilience, Public financial management, Immunization economics, Vaccine procurement, Health policy
  topic: keywords
creator: Mobasher Hasan
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-09
publication date: 2026-05-09
starting page: 18
ending page: 31
doi: 10.32996/jefas.2026.8.6.3

Retirement Trends Among PERKESO Contributors: Economic and Social Implications for Malaysia and Policy Insights from Long-term Ageing Governance Experience
type: item
description: Malaysia is increasingly confronting what demographers describe as a silver wave, marked by a rapid rise in the proportion of older persons driven by sustained fertility decline, rising life expectancy, and shifts in population age structure. In 2024, the Department of Statistics Malaysia estimated that individuals aged 60 years and above accounted for 11.6 per cent of the total population, or approximately 3.9 million people. Concurrently, the total fertility rate declined to 1.7 children per woman in 2023, the lowest level in half a century and well below the replacement threshold of 2.1, placing Malaysia on the trajectory toward becoming an aged nation by 2040. This study provides a comprehensive analysis of the economic and social impacts of population ageing in Malaysia, with particular emphasis on retirement trends derived from contribution data from the Social Security Organisation (PERKESO). Using administrative contribution records, the analysis examines patterns of workforce exit, continued labour participation among older adults, and implications for labour supply and social security sustainability. The findings indicate that while population ageing presents significant economic risks including a shrinking workforce, potential constraints on GDP growth, increased pension liabilities, and rising healthcare and long-term care expenditure, which also present opportunities for productivity retention and inclusive growth through extended workforce participation. Although healthcare and elderly care spending currently accounts for a relatively small share of GDP, these expenditures are expected to rise substantially by 2040 in response to age-related demands. In order to situate these empirical findings within the context of a broader policy trajectory, this empirical analysis is complemented with institutional insights drawn from long-term ageing governance experience in Belgium. From a social perspective, a growing older population intensifies dependency rati…
subject: Research Article
  topic: section
subject: Older Age
  topic: keywords
subject: Retirements
  topic: keywords
subject: Contributions
  topic: keywords
subject: Economic
  topic: keywords
subject: Social
  topic: keywords
creator: NABILAH AHMAD
creator: NUR FATHIHA AYOB KHAN
creator: GAYATHRI VADIVEL
creator: NUR DALILAH MD TAIB
creator: MEE SIN EE
creator: ASRI AB RAHMAN
creator: DATO’ SRI DR. MOHAMMED AZMAN AZIZ MOHAMMED
creator: TRISTAN VLERICK
creator: MICHIEL SEGAERT
rights: Copyright (c) 2026 Journal of Economics, Finance and Accounting Studies https://creativecommons.org/licenses/by-nc/4.0
date: 2026-06-29
publication date: 2026-06-29
starting page: 23
ending page: 36
doi: 10.32996/jefas.2026.8.8.3

Adoption of Seventeen SMA Tools in the Saudi Sectors: A Contemporary Analysis
type: item
description: This study investigates the adoption of seventeen strategic management accounting tools (SMAT) across Saudi service sector organizations, integrating technological, organizational, and strategic determinants within a unified TOE–TAM–SMAT–Digital Capability framework. Using a quantitative, cross-sectional design, data were collected from accountants and managers representing diverse service industries, enabling a comprehensive assessment of adoption patterns and the influence of demographic and organizational characteristics. The findings reveal that competitor-oriented tools—particularly benchmarking and competitive position monitoring—are the most widely adopted, reflecting the sector’s emphasis on external market intelligence and strategic positioning. Customer oriented tools exhibit moderate adoption, with strategic pricing and customer profitability analysis leading the category, while advanced customer analytics remain underutilized. Cost management tools show selective but meaningful uptake, with value chain costing and life cycle costing demonstrating the highest usage. Demographic variables such as company size, service type, listing status, and managerial experience exert minimal influence on adoption, indicating that structural characteristics play a limited role. Instead, digital capability, SMAT orientation, and market position emerge as the primary drivers shaping adoption pathways. The moderating effect of market position strengthens the relationship between digital capability and adoption, while SMAT orientation mediates the influence of digital capability on cloud accounting usage. Reliability and validity analyses confirm the robustness of the measurement instrument. Overall, the study provides empirical evidence that SMAT adoption in the Saudi service sector is driven by strategic imperatives and digital readiness rather than demographic factors. The findings highlight the need for enhanced digital and analytical capabilities to support the adoptio…
subject: Research Article
  topic: section
subject: Cloud Accounting; TOE Framework; TAM; SMAT Orientation; Digital Capability; Market Position; Competitive Intelligence; Strategic Agility; Cost Efficiency; Technology Adoption
  topic: keywords
creator: Fahad Sulaiman Mohammad AlNafea
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-05
publication date: 2026-05-05
starting page: 06
ending page: 17
doi: 10.32996/jefas.2026.8.6.2

Electric Vehicles and Healthcare Efficiency: A Critical Perspective on Cost, Access, and Environmental Impact
type: item
description: The intersection of Electric Vehicles (EVs) and healthcare efficiency presents a complex landscape where environmental sustainability, economic viability, and public health outcomes converge. While the transition to EVs is often framed as a purely environmental or automotive shift, its implications for healthcare infrastructure and patient access are profound. This paper critically examines how EV adoption in healthcare—particularly in logistics, emergency response, and patient transportation—affects cost structures, service accessibility, and sustainability outcomes. By integrating insights from digital health technologies, artificial intelligence, and evolving consumer expectations, this study highlights both the opportunities and systemic challenges of electrifying healthcare infrastructure in the United States.
subject: Research Article
  topic: section
subject: Good Corporate Governance, Financial Performance, Rural Banks.
  topic: keywords
creator: Sabbir Ahammed Khan
creator: Abdullah Al Mahmoood
creator: Shanzida Kabir
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-05-04
publication date: 2026-05-04
starting page: 01
ending page: 05
doi: 10.32996/jefas.2026.8.6.1

Client Happiness as a Predictive Economic Variable in Revenue Systems
type: item
description: In the turbulent environment of the contemporary revenue management systems, the conventional client satisfaction indicators, such as Net Promoter Scores, are less predictive as they do not rely on prospective behavioral factors. This study redefines client happiness as an economic variable with measurement, and puts forward a new composite measure, the Emotional Continuity Index (ECI) a new model of emotionally stable, which predicts repeat engagement, quick decision making and retention. ECI is integrated into Customer Happiness Intelligence System (CHIS), a patent-pending framework based on practical executive practice, which gathers operational data through CRM systems, transaction records, and feedback systems and compiles them with the help of machine learning algorithms in real time to deliver a picture of customer satisfaction levels. The research notes the effectiveness of ECI based on a mixed-methodology which involves conceptual modeling, weighted algorithmic formulation, and 12 months of empirical validation using a stratified sample of 749 clients of Sunlocate Properties (commercial real estate sector): Results show 22% increase in revenue predictability, 15% decrease in churn, and 18% faster decision-making. Such results place client happiness as a measurable managerial dial, and this raises the strength of enterprises in complicated settings. Commercial intelligence and customer-centric design implications, which promote structured analytics to develop flexible, scalable business, can be implied. The piece of writing adds a coherent intellectual journey between the executive experience and technological innovation to close the gaps in the theoretical background and the real-life applications to make the best decisions.
subject: Research Article
  topic: section
subject: Client happiness, revenue predictability, Emotional Continuity Index, commercial intelligence, customer lifecycle management, behavioral analytics
  topic: keywords
creator: Valentin Kulikov
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0/ https://creativecommons.org/licenses/by-nc/4.0
date: 2026-04-29
publication date: 2026-04-29
starting page: 29
ending page: 49
doi: 10.32996/jefas.2026.8.5.4